In the vast panorama of the digital sphere, we marvel at the strides the cryptoverse is making. A telling report by Glassnode indicates that long-term holders are showing tenacity, holding on to BTC more devotedly. In a peculiar twist, crypto seemingly aligns with the sex industry, offering it more support than even traditional banking!
Central to this week’s buzzing cryptosphere activity were dynamic powerhouses like Coinbase and Binance. With the launch of its innovative Ethereum layer-2 blockchain Base on Wednesday, Coinbase has shown a bold stride towards the future. Celebrating its launch, top DAOs and Coca-Cola joined the ‘Onchain Summer’ Web3 festival. On a different front, Coinbase stated its intent to buy back a portion of its corporate debt of $1 billion, a move stirring some mixed signals.
Corporate giant PayPal, took a leap into crypto with its PYUSD stablecoin. Their strategy to generate revenue from its stablecoin is generating some fervent conversations, given a tepid response from US Congresswoman Maxine Waters, suggesting PayPal to have waited for regulatory approval.
Binance achieved a significant, and controversial, milestone by becoming the first fully licensed crypto exchange in El Salvador. Despite regulatory challenges, Binance Labs continues to hold a dominant position in crypto funding.
We’ve witnessed significant actions from other key players. Bitstamp’s decision to halt trading of certain altcoins for its US-based users has sparked rampant speculation, while Bitget announced a seemingly promising partnership with Adam Devine. However, Huobi, struggling with insolvency rumors and investigations, observed significant fund outflows and a decline in its total value locked (TVL).
Examining the revenue model of crypto, Circle CEO Jeremy Allaire shed light on the geographical distribution of USDC adoption, with roughly 70% emanating from outside the US. In a surprising twist, tech behemoth Amazon offers its prime subscribers exclusive in-game NFTs from popular blockchain games, opening a new frontier for its vast user base.
Nonetheless, the cryptoverse didn’t elude its share of legal battles and dark shadows. Venture capital firms found themselves in the eye of a storm, named in a class-action lawsuit for their links with FTX. On the darker side of things, hackers targeted Blockchain Capital’s Twitter account for a fake token giveaway, while Cypher Protocol fell victim to an exploit resulting in an estimated $1 million theft.
In the labyrinth of the blockchain conundrum, every step seems a tread on unchartered territories. The launch of the Russian digital ruble next week, Belarus’ plans to go digital, the Bank of England forming the CBDC Academic Advisory Group all seem to boggle mind yet inspire intrigue. Amidst all this, Miami Mayor Francis Suarez’s acceptance of BTC donations for his presidential campaign hints at crypto’s gradual infiltration into politics.
As the cryptosphere unfolds breaking news and paves ways for futuristic possibilities, it’s crucial to remember that every gold rush is fraught with both hysterical jubilations and consequential pits. The promise it holds would undoubtedly continue to draw in earnest explorers hungry to strike digital gold.
Source: Cryptonews
